11 February 2019 - Podgorica will get another residential-business complex on the site of the current Hotel City under Ljubović, and the potential investor, Company UTIP Montenegro, does not reject the possibility that one part of the building could be left for a different hotel category than the existing one.
Hotel City is owned by the joint-stock company UTIP Montenegro, whose majority owner is businessman Žarko Burić. His "Normal Company" with 80,4 percent of the shares is running UTIP.
The demolition of the current City Hotel in Podgorica started February 11. The representative of UTIP Montenegro, Nemanja Nikolić, said that the destruction would take about 40 days. He added that they had already announced the construction of a multi-purpose residential and business facility.
UTIP Montenegro has previously announced that due to significant changes in the hotel market in Podgorica, which are primarily reflected in a significant drop in the price of the service due to the opening of a large number of hotels in the city and a bad situation in which Hotel City was generally in, investor JSC UTIP Montenegro made a decision on the construction of a multifunctional residential-business facility on the location of the Hotel City at the Assembly of Shareholders held on November 10, 2017.
According to the project that is being completed by the Podgorica architectural bureau, only the residential business building that would have a little less than 25,000 square meters is mapped to the place where the City Hotel today is located. Six floors, ground floor, and underground garage are projected.
"A multipurpose business residential building is planned on the plot. In addition to housing, the business segment is planned on the ground floor, and in one part of the building, the investors plan a construction of a city hotel that will have a separate entrance and which can be stretched vertically through the entire height of the building, "report the representatives of Detailed Urban Plan of Podgorica.